The Buying Process

Affordability and Arranging a mortgage

Once you've decided to buy a property, you'll need to work out exactly how much you can afford to pay. The first step in the buying process is to organise your finances and have a mortgage agreed in principle (if required) with a lender. Only after your financial backing is in place can you begin to look seriously at properties on the market. In addition to the cost of the house itself, there are many other expenses involved in buying a new home, including paying stamp duty, survey fees, solicitors fees, and removal fees.

Find your new home

Looking for a new property can be a lengthy process. Our advice is that you think very carefully about what you want from the house in terms of features, location, and any other criteria that may apply. The search functions on most property websites are equipped with filters that can help you narrow down the choices to focus on those most suitable for your needs.

Make an offer

When you first make an offer on a property, you must make it clear whether the offer is subject to survey, mortgage, or contract. Rea Estates will pass this offer to the vendor on your behalf, and you may be asked to show proof of funds or proof that a mortgage has been agreed in principle.

Appoint a Solicitor

You should appoint a solicitor capable of carrying out all legal work necessary on your behalf.

Home Insurance and Life Insurance

It is very important that you think about insurance and any other financial matters connected to the purchase, particularly if you are a first-time buyer. Most mortgage lenders demand that borrowers take out a home insurance policy to protect the property, notably in a situation where the borrower is unable to continue making mortgage repayments. You should also give thought to making a will once you become a homeowner, especially if you have dependents.

Let all the relevant parties know that you're moving

Organise redirection of your mail a few weeks before you actually move house.

Exchange Contracts

Once you and your solicitor are satisfied that all the documents are correct, contracts can be exchanged. The buyer signs a copy of the contract and this is then passed to the vendor for him to sign. The buyer will also receive and sign a copy of the contract that has first been signed by the vendor. Both parties are legally bound to follow through with the transaction after exchange of contracts has taken place.

Completion

On the day of completion your solicitor will send a cheque to the vendor's solicitor for the purchase price of the property. Once your solicitor has received funds from the mortgage lender he will give the vendor's solicitor authority to cash the cheque. Rea Estates will then be given permission to release the keys to the new owner.

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